tag:blogger.com,1999:blog-1149283829854298377.post7625881352188233685..comments2024-03-28T07:48:38.401-05:00Comments on The Million Dollar Way (The Bakken Oil Blog): Abraxas And Whiting Talking-- October 14, 2019Bruce Oksolhttp://www.blogger.com/profile/10952652803684625738noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-1149283829854298377.post-38042862189134310352019-10-15T09:32:43.745-05:002019-10-15T09:32:43.745-05:00Comment moved to body of blog for wider audience.Comment moved to body of blog for wider audience.Bruce Oksolhttps://www.blogger.com/profile/10952652803684625738noreply@blogger.comtag:blogger.com,1999:blog-1149283829854298377.post-78596506934676202102019-10-15T09:28:30.287-05:002019-10-15T09:28:30.287-05:00Can't disagree; I'm seeing the same thing ...Can't disagree; I'm seeing the same thing but I don't follow the Permian close enough to know about quality of location. Bruce Oksolhttps://www.blogger.com/profile/10952652803684625738noreply@blogger.comtag:blogger.com,1999:blog-1149283829854298377.post-48690108413915175282019-10-15T09:21:21.231-05:002019-10-15T09:21:21.231-05:00Hey just a side note. Abraxas market cap is $65 mi...Hey just a side note. Abraxas market cap is $65 million as of today... This is similar to the QEP planted rumor reported by Reuters about Whiting or Blackstone buying them. I don't see Whiting wanting the TX assets (which aren't worth $30k per acre, probably half that or less due to location and quality). <br /><br />Abraxas has $200 million in debt, owns their own rig which they can't put to work, and generally has overdrilled all their acreage in North Dakota. Also, they had to halt their Texas drilling due to prices (gas sells for next to nothing where they are located and the wells don't produce enough oil, uneconomic). Also, they already sold all of their non-op. Whiting might tough their Bakken assets at the right price but the company is structurally bankrupt at this point. Most likely option is going to be bankruptcy after this rumor is proven false. The playbook for oil and gas companies, go bankrupt and come back out with debt cut in half. It's a shame. They won't fire sale the Bakken because their other assets aren't worth much. Their best option is to file with a prepackaged BK plan.Anonymousnoreply@blogger.com